In 1981, 70.7% of industrial R&D took place at companies with 25,000 employees or more. That fell to 37.6% by 2005.

At the same time, companies with fewer than 5,000 employees accounted for 39.6% in 2005, up from 10.5% in the early 1980s.

Robert Ackerman, Managing Director of Allegis Capital (Quoted by PEHub)